Coco exports up 78% this year

MANILA–Exports of coconut oil and other coconut by-products reached an unprecedented level of $1.57 billion, 78 per cent more than last year’s value of $884 million.

Philippine Coconut Authority (PCA) Administrator Oscar G. Garin said initial estimates of coconut exports reports from January to December 2010 showed a total of $1,570,329,790 compared with 2009 earnings of $884,022,338 for the same period.

Volume of coco exports increased by 55.5 percent, totaling 2,355,521 MT compared with 2009 figure of 1,514,942 MT.

Garin said this is the fifth time in the country’s history when coconut exports hit the billion-dollar mark. The first time was in 1979 with $1,037 billion.

Coconut oil remains the country’s top coconut export product, which this year posted earnings of $1.217 billion, double than last year’s level of $588 million. This was mainly due to higher coco oil prices in the world market.

Volume of coconut oil exports went up by 64 percent to 1,355,618 MT compared with last year’s 826,237 MT.

The increased demand for coconut oil came from both the local and international markets. Garin attributed the increased demand in the local market to the implementation of the mandated 2 percent blend of coco methyl ester with petro diesel as one of the big factors.

Meanwhile, he said the PCA continues to vigorously implement its National Coconut Productivity Program with its Participatory Coconut Planting Project and Salt Fertilization Project.

The Philippine Coconut Industry Summit was also recently held to assess the current status and performance of the coconut industry and provide platform for all stakeholders in formulating well-planned and coordinated directions, among others.

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